Clearwater Paper refinances debt with new USD 475m credit package

Clearwater Paper has replaced its 2028 senior notes and existing revolving and term credit facilities with a new credit agreement led by AgWest Farm Credit, extending its debt maturity profile to 2031. The package comprises a USD 200m revolving credit facility, of which about USD 15m was drawn at closing, and a USD 275m term loan fully funded at closing, with proceeds used to redeem the USD 275m 2028 senior notes and terminate the prior ABL facility.

Why this mattersExtending maturities to 2031 removes near-term refinancing risk for the North American paperboard producer amid a soft demand environment.

• New credit agreement signed 18 September 2026 with AgWest Farm Credit, PCA as administrative agent
• USD 275m term loan fully funded at closing
• USD 200m revolving credit facility with about USD 15m drawn at closing
• Uncommitted USD 100m increase option available subject to conditions including 2027 year-end financials
• Proceeds redeem USD 275m senior notes due 2028 and terminate existing ABL facility
• New agreement matures 18 September 2031

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